Category: Economy

Cross posted fromThe Stars Hollow Gazette

The latest proposal to come from of the State Attorney Generals investigating mortgage and foreclosure fraud is just a another band-aid on a hemorrhage that lets the banks off and does nothing to help homeowners who are underwater on their mortgage or behind in their payments. It appears that this is just a ploy to bring the California Attorney General “back into the fold.” Diana Olick, CNBC Real Estate Reporter, has tis analysis:

As first reported by the Wall Street Journal, the AG’s are proposing a refinance plan for underwater borrowers, trying to get banks to bring down interest rates on mortgages for those who owe far more than their homes are presently worth; that’s around 10.9 million borrowers, according to CoreLogic, but sources say it wouldn’t be all of them. It would, “target a finite number of borrowers who are current on their mortgages,” according to my source.

My source then went on to explain that this is a plan previously pushed by the California state attorney general, who has dropped out of the negotiations over issues surrounding banks’ release from future liability (the California AG did not comment in the WSJ article but claimed they had not seen said proposal). New York and Massachusetts have done the same. Apparently this could, “bring California back to the table,” says my source, because the California AG finds it, “intriguing.”

Ms. Olick also points out that this is the same plan that the Obama administration has proposed for Fannie Mae and Freddie Mac. The plan will only affect about 20% of homeowners with bank mortgages. While it would give some, who can afford the loans, a little extra cash, it doesn’t “change the fact that these folks still have no hope of seeing their home equity again any time soon, and it doesn’t address the greater ills of today’s housing market that are keeping true recovery at bay.”

David Dayen at FDL expounds further:

But wait! This is supposed to be a penalty on the banks. Is it a penalty on the banks when an eligible borrower with a bank-owned loan refinances? No, that’s just an option that the borrower has. Extending that option is supposed to be a penalty for committing systemic fraud on state courts? I don’t necessarily mind the Fannie/Freddie plan as a source of potential stimulus. I don’t consider it a penalty. And when you’re talking about 20% of the market, tops (and not all of those loans are underwater, so this is smaller), the benefits are miniscule (sic).

They’re just grabbing at straws to try and get a flawed settlement across the line that the remaining AGs can hold a press conference about. And economic stimulus, not accountability, is the main goal. Keep in mind that anything that leads to a round of sped-up foreclosures will not aid the housing market. It will bring prices down, just as a function of supply and demand. This will bring borrowers more underwater. So the idea that there’s a tension between the rule of law and helping people presumes that the only thing standing between America and a recovery is Kamala Harris and Eric Schneiderman. That’s just not true. There are tools at the disposal of the relevant regulators right now to foster recoery (sic), they’re just not choosing to do it.

Delaware Attorney General Beau Biden spoke with MSNBC’s Dylan Ratigan about fight to investigate the banks.

The biggest problem that is the gorilla in the room is chain of title. In a detailed article that is well worth the read, Yves Smith at naked capitalism:

And as we anticipated, the inducement that had led the Miller camp to hope it might clinch a deal is a juicy release. From Reuters:

   Originally, the states were only considering immunity for shortcuts taken during mortgage servicing and foreclosures, including the so-called “robo-signing” of documents to evict people behind on their mortgages.

   In recent days, the state attorneys general agreed to release major banks from claims that they made legal errors when first originating the loans, such as approving loans for borrowers without verifying any income, according to two people familiar with the talks.

   In exchange, banks would agree to refinance mortgages for borrowers who are current on their payments but owe more than their homes are currently worth, the sources said.

This is very troubling. Investors should be up in arms. Any release the banks get here is worth multiples of what the banks will pay for this (note that because investors are conservative creatures and have ongoing relationships with banks, having attorneys general pave the way is particularly important for them).

The failure to verify income is the tip of the iceberg of origination abuses. The most serious is chain of title, where the banks promised to investors to take a series of steps to convey the mortgages properly to the securitization trusts within a stipulated time frame. For reasons we’ve explained in gory detail in earlier posts, retroactive fixes or waivers simply won’t work. That is why the banks have resorted to widespread forgeries and document fabrication.

Cross posted from The Stars Hollow Gazette

Occupy Wall Street NYC now has a web site for its General Assembly  with up dates and information. Very informative and user friendly. It has information about events, a bulletin board, groups and minutes of the GA meetings.

Cross posted from The Stars Hollow Gazette

Occupy Wall Street NYC now has a web site for its General Assembly  with up dates and information. Very informative and user friendly. It has information about events, a bulletin board, groups and minutes of the GA meetings.

A fast, easy, free, and non-violent way to drive the big banks out of their greedy little minds is sitting in your mailbox right now. You just don’t know it yet.

One of the comments suggested that this is a way of supporting the US Postal Service which might keep thousands of postal workers off the unemployment line.

joanneleon, a friend, proved the needed transcript

New York protesters hunker down in snow-covered tents

NEW YORK, Oct 29 (Reuters) – A rare snowstorm tested the resolve of anti-Wall Street protesters camped out in a New York City park on Saturday as police in Nashville detained dozens of demonstrators during an eviction from a city plaza.

A day after New York authorities confiscated generators from the Occupy Wall Street movement against economic inequality, hundreds of protesters struggled to stay warm and dry after more than an inch of snow fell in the city with temperatures forecast to drop to freezing overnight.

Buffeted by strong winds, protesters hunkered down in snow-covered tents in Zuccotti Park in Lower Manhattan, where the movement first set up camp six weeks ago, sparking dozens of similar occupations in city parks across the United States.

Cross posted from The Stars Hollow Gazette

Occupy Wall Street NYC now has a web site for its General Assembly  with up dates and information. Very informative and user friendly. It has information about events, a bulletin board, groups and minutes of the GA meetings.

Yesterday, at Liberty Park, NYC Fire department swept in and confiscated 5 diesel and biodeisel fueled generators that are used to provide lighting for safety at night and power for computer and camera equipment. It was done on the pretext of “safety concerns” as stated by Mayor Michael Bloomberg just as a nasty winter storm is hitting the NYC area with a mix of icy rain and snow. However, it has been reported that the generators were quickly replaced since #OWS/NYC is flush with funds. Tents also pooped up again in the park but were left undisturbed by police, the mayor’s office stating that the owners of the park had not complained. Elsewhere, OWS encampments are preparing for winter conditions. Keep trying, Mike. We aren’t leaving and you can’t silence us or continue to protect your friends.

In Oakland, Scott Olsen’s condition continues to improve and he is being evaluated by speech and physical therapists. The picture of Scott being carried to safety has gone viral around the world. Protestors and tents have also returned to the square where the incident took place.

There was a festive mood as 6,000 letters from the 99% were delivered to the CEO’s of the country’s largest banks.

Cross posted from The Stars Hollow Gazette

Occupy Wall Street NYC now has a web site for its General Assembly  with up dates and information. Very informative and user friendly. It has information about events, a bulletin board, groups and minutes of the GA meetings.

Late yesterday word began trickling out the the Iraq Marine vet, Scott Olsen who sustained a skull fracture after being stuck with a non-lethal object, possibly a tear gas canister, was off the ventilator and awake. The fracture caused a brain contusion that has affected the speech center of his brain. Doctors are optimistic that it is not permanent and will resolve itself. No surgery was necessary. Scott’s parents are with him. He knows where he is and recognizes his parents which are all excellent signs. According to the hospital, shortly after Scott arrived, he began to have seizures and was placed in an induced coma.

The other good news is that Oakland Mayor Jean Quan has done a complete reversal, allowing the Occupy Wall Street protesters to return to the park and pitch tents. Candle light vigils were held around the country in support of Scott.

#OccupyCleveland reaches court assisted resolution in federal court against city; will begin 24/7 occupation immediately.

There were arrests in NYC as over a thousand protesters participated in a march with bag piped and drums for Scott. At one point the protesters pushed back the police taking the orange mesh barrier that is used to pen them in and turned it on police.

This weekend OCW will be taking over state capitols around the country.

Occupy Wall Street invaded the halls of Congress when a protester stopped the Super Committee’s hearing.

Cold weather is here and OWS is preparing with stock piles of warm clothing, cod weather sleeping bags, tarps and tents. OccupyTogether has put together a wiki cold weather manual that has good information.

Cross posted from The Stars Hollow Gazette

The lack of integrity in the banking industry and Wall St. is as much of a problem for the left as it is for the right. The Obama administration is as much of the problem as were both Bush presidents, Clinton And Reagan.

Author David Degraw and Prof. William Black talk about politicians supporting the OWS movement for their own political gain as opposed to those who truly believe in the protests.

If you aren’t familiar with Professor Black, he is currently an Associate Professor of Economics and Law at the University of Missouri-Kansas City in the Department of Economics and the School of Law. He was a central figure in exposing Congressional corruption during the Savings and Loan Crisis. He is brought the Keating Five to national attention when he published the congressional notes he took during those hearings. Black authored the book The Best Way to Rob a Bank is to Own One: How Corporate Executives and Politicians Looted the S&L Industry which explains concept of “control fraud”, in which a business or national executive uses the entity he or she controls as a “weapon” to commit fraud.

David Degraw is an independent investigative journalist and author who writes for the web site Ampedstatus. He has been participating in the Occupy Wall Street protests in Liberty Park since day one and is part of the working group that helps coordinate the activity.

Besides prosecuting the banks for fraud, Robert Kuttner of the American Prospect makes a good argument for bringing back the Glass-Stiegel Act which was repealed under Clinton. Kuttner says that it would simplify banking regulation and counter the argument that there is too much regulation:

[]. It would have been far better policy to return to the simple bright line of the Glass-Steagall Act.

If you want to be a commercial bank, with federal deposit insurance, access to Federal Reserve advances, and a Good Housekeeping seal from regulators, great. You will have to follow closely policed rules. Alternatively, if you want to trade and speculate with your own money, go to it. But don’t grow so big that you can bring down the whole system, stay out of the commercial lending business, and don’t expect the government to bail out your bad bets.

That system worked very nicely. It was almost impossible to evade, and it didn’t require 298-page regulations, with legions of regulators to police the creative evasions and gray areas.

The discussion of prosecuting fraud, making the banks responsible for it, not the victims and finding easier solutions to regulating the industry is what the Occupy Wall Street movement should be sparking for the politicians, all of them.

Cross posted from The Stars Hollow Gazette

Occupy Wall Street NYC now has a web site for its General Assembly  with up dates and information. Very informative and user friendly. It has information about events, a bulletin board, groups and minutes of the GA meetings.

Late last night, Scott Olsen, a former Marine, two-time Iraq war veteran, and member of Iraq Veterans Against the War, sustained a skull fracture after being shot in the head with a police projectile while peacefully participating in an Occupy Oakland march.  The march began at a downtown library and headed towards City Hall in an effort to reclaim a site-recently cleared by police-that had previously served as an encampment for members of the 99% movement.

Scott joined the Marines in 2006, served two-tours in Iraq, and was discharged in 2010.  Scott moved to California from Wisconsin and currently works as a systems network administrator in Daly, California.  

Scott is one of an increasing number of war veterans who are participating in America’s growing Occupy movement. Said Keith Shannon, who deployed with Scott to Iraq, “Scott was marching with the 99% because he felt corporations and banks had too much control over our government, and that they weren’t being held accountable for their role in the economic downturn, which caused so many people to lose their jobs and their homes.”

Scott is currently sedated at a local hospital awaiting examination by a neurosurgeon.  Iraq Veterans Against the Wars sends their deepest condolences to Scott, his family, and his friends.  IVAW also sends their thanks to the brave folks who risked bodily harm to provide care to Scott immediately following the incident.

Keith Shannon, the roommate of injured Occupy Oakland protester Scott Olsen and a fellow Iraq War veteran, shares what happened Tuesday night when the Oakland Police Department fired upon the crowd with rubber bullets, bean bags and tear-gas canisters, one of which gave Olsen a skull fracture and trip to the emergency room. Shannon, himself a vocal protester, provides an update on Olsen’s condition – saying Olsen is “stable, but critical” – and says the incident has only bolstered his resolve to continue working for the movement.

In tonight’s Special Comment, Keith calls out Jean Quan, mayor of Oakland, for her use of 500 police officers in a pre-dawn raid Tuesday morning, followed by more tear-gas bombs, rubber bullets and bean-bag rounds on Tuesday night. Quan, herself once a victim of the Oakland police’s bullying, now “is the bully,” Keith says. He calls on Quan to dismiss acting Police Chief Howard Jordan and allow protesters to return to their location, “or, having betrayed everything she’d supported and all those who have supported her, she must resign.”

Hundreds of protesters in New York City marched on Wednesday night to show solidarity with protesters in Oakland, Calif., where the police used tear gas to disperse crowds a night earlier. About a dozen demonstrators were arrested in New York, the police said.

Just after 9 p.m., about 500 people left the Occupy Wall Street base in Zuccotti Park and went on a winding march around the financial district and City Hall, accompanied by drummers and a man playing the bagpipes as a helicopter followed overhead.

Less than an hour later, a smaller group of protesters poured into the streets, ignoring orders from police officers to stay on the sidewalk, and began a frantic cat-and-mouse game. More than 250 protesters walked quickly and sometimes ran through the streets of SoHo and the West Village, at one point storming through a movie set on Macdougal Street as groups of police vehicles with lights and sirens pursued them closely. People emerged from bars along the way asking what was going on and offering encouragement.

Yesterday afternoon Occupy Wall Street group Healthcare for the 99% marched to the headquarters of Empire Blue Cross Blue Shield, WellCare and St Vincent’s Community Hospital, a casualty of profit-driven insurers and a healthcare system that leaves 50 million Americans uninsured. Last night Keith’s guest, Dr. Steve Auerbach of Physicians for a National Healthcare Program, spoke about the need for affordable, accessible national healthcare.

Cross posted from The Stars Hollow Gazette

2.24pm: I’ve just spoken to Keith Shannon, roommate of Scott Olsen, the Iraq veteran who is in hospital after apparently having been hit in the head by a police projectile.

Shannon said doctors told him Olsen has a “skull fracture and swelling of the brain”. A neurosurgeon will assess Olsen later today to determine whether he needs surgery, Shannon said.

Olsen, 24, was in 3rd Battalion, 4th Marines, before leaving the military last year. He had been opposed to the Iraq war even before his first tour to the country, Shannon said. Shannon and Olsen met in November or December 2005, and share an apartment in Daly City, south of San Francisco.

Rubber bullets and shotgun propelled bean bags can maim and kill, if the person is hit in the head, chest or abdomen. This is over-reaction by the Oakland Police on the orders of Oaklands Chinese-American mayor Jean Quan

While President Obama was telling the small crowd at a $7500-a-plate fundraiser in San Francisco that “Change is possible,” Pooda Miller was across the bay trying to get her plate back from the Oakland Police Department. “They came, pulled out rifles, shot us up with tear gas and took all our stuff,” said Miller, at an afternoon rally condemning the violent evacuation of more than 170 peaceful, unarmed Occupy Oaklanders by 500 heavily-armed members of the Oakland Police Department and other local departments yesterday morning.

Miller and others are calling for the recall of Jean Quan, who made history as Oakland’s first Asian-American mayor (full disclosure: Quan’s daughter is my Facebook friend); and they are complaining about the use of excessive police violence authorized by Interim Chief Howard Jordan, an African American. Such conflicts between former minorities are becoming the norm in what more conservative commentators call the “post-racial” era ushered in by the election of Obama.

Quan and Jordan are in the throes of dealing with a police department plagued by officer-involved shootings and killings, corruption and other crimes-crimes that have forced a federal consent decree to reform the department, after officers were convicted of planting evidence and beating suspects in West Oakland. Taking her cue from the Obama campaign of 2008, Quan announced Jordan’s appointment at a public safety forum titled “Creating Hope in the Community.”

Many like Miller and other Occupy Oaklanders are having second thoughts about what feels like the affirmative actioning of policing and state violence. Others, like Ofelia Cuevas of the University of California’s Center for New Racial Studies, see the workings of a not-so-21st-century pattern of policing and power.

From Slate, Why Isn’t Tear Gas Illegal?

Yes, but only in war. The 1993 Chemical Weapons Convention doesn’t apply to domestic law enforcement. (The United States was a major proponent of the exemption, fearing that the convention might be interpreted to prohibit lethal injection.)

[]

In enclosed spaces, however, the chemical agent can have much more serious effects. When police plan to use tear gas grenades to flush suspects out of a house, they start by comparing the dose of CS with the volume of the building and calculating a “lethal concentration time.” That’s the number of minutes it will take before most people inside would die from exposure. If the lethal concentration time is nearing, and the suspects haven’t yet emerged, the police start breaking windows for ventilation.

It’s not entirely clear how many people have been killed by CS. Amnesty International said 50 Palestinians died from inhalation in the late 1980s-prompting a brief suspension of tear gas sales to Israel-but those conclusions are disputed. The FBI used CS in its raid on the Branch Davidian compound (PDF) in Waco, but the ensuing fire left it unclear how, exactly, the cult members were killed. Such incidents have prompted a search for less toxic crowd-dispersing chemicals such as malodorants, but none has proven as effective as tear gas. Russia appears to be moving in the other direction, using the powerful opiate fentanyl to incapacitate rebels during a 2002 hostage crisis. That approach ended up killing more than 100 innocent people.

The United States is so enthusiastic about riot-control agents that it has a standing Executive Order reserving the right to use them on the battlefield, in spite of the Chemical Weapons Convention’s prohibition, to protect convoys or prevent the use of civilian shields. While the U.S. hasn’t invoked the order since ratifying the Convention in 1997, Donald Rumsfeld made news in 2003 when he raised the possibility.

Cross posted from The Stars Hollow Gazette

Occupy Wall Street NYC now has a web site for its General Assembly  with up dates and information. Very informative and user friendly. It has information about events, a bulletin board, groups and minutes of the GA meetings.

Date/Time

Date(s) – 26 Oct 2011

3:00 PM – 7:00 PM

Location

Liberty Plaza

Under the Big Red Thing

   March

Time:

3:00pm Sign Making in Liberty Plaza

4:00pm Open Speakout – come share your personal struggles with our healthcare system

4:30pm March Against the Health Insurance Industry

March Details:

4:30pm – Empire Blue Cross Blue Shield / One Liberty Plaza: located across the street from Zuccotti park, Empire is a subsidiary of WellPoint, the largest publicly-traded health insurance company. CEO Angela Braley’s overall compensation is $13.1 million dollars, enough to cover 1455 New Yorkers.

5:30pm – WellCare / 110 5th Ave: the for-profit company that administers Medicaid and Medicare Advantage programs in New York and other states. Currently being investigated for fraud with estimates that WellCare illegally siphoned $400 million to $600 million from state health insurance programs for the poor. (1)

6pm – St Vincent’s Community Hospital / 12th St & 7th Ave: closed earlier this year due to bankruptcy, St Vincent’s is a casualty of profit-driven insurers and a healthcare system that leaves 50 million Americans uninsured. There are now no hospitals on the westside below 57th st.

From our friend nyceve at Daily Kos

OAKLAND — Police fired tear gas at least five times Tuesday night into a crowd of several hundred protesters backing the Occupy movement who unsuccessfully tried to retake an encampment outside Oakland City Hall that officers had cleared away more than 12 hours earlier.

Police gave repeated warnings to protesters to disperse from the entrance to Frank Ogawa Plaza at 14th Street and Broadway before firing several tear gas canisters into the crowd at about 7:45 p.m. Police had announced over a loudspeaker that those who refused to leave could be targeted by “chemical agents.”

Cross posted from The Stars Hollow Gazette

New York Governor, Andrew Cuomo, got told “No, we won’t do that” by Albany’s police and New York State troopers when ordered to clear Occupy Wall Street protesters from a park across the street from the state Capitol and Albany ‘s City Hall:

ALBANY — In a tense battle of wills, state troopers and Albany police held off making arrests of dozens of protesters near the Capitol over the weekend even as Albany’s mayor, under pressure from Gov. Andrew Cuomo’s administration, had urged his police chief to enforce a city curfew.

The situation intensified late Friday evening when Jennings, who has cultivated a strong relationship with Cuomo, directed his department to arrest protesters who refused to leave the city-owned portion of a large park that’s across Washington Avenue from the Capitol and City Hall.

At the Capitol, in anticipation of possibly dozens of arrests, a State Police civil disturbance unit was quietly activated, according to officials briefed on the matter but not authorized to comment publicly. But as the curfew neared, the group of protesters estimated at several hundred moved across an invisible line in the park from state land onto city property.

“We were ready to make arrests if needed, but these people complied with our orders,” a State Police official said. However, he added that State Police supported the defiant posture of Albany police leaders to hold off making arrests for the low-level offense of trespassing, in part because of concern it could incite a riot or draw thousands of protesters in a backlash that could endanger police and the public.

“We don’t have those resources, and these people were not causing trouble,” the official said. “The bottom line is the police know policing, not the governor and not the mayor.”

And to add to the ego deflation for Gov. Cuomo, Albany County District Attorney David Soares has stated:

“Our official policy with peaceful protesters is that unless there is property damage or injuries to law enforcement, we don’t prosecute people protesting,” Soares said. “If law enforcement engaged in a pre-emptive strike and started arresting people I believe it would lead to calamitous results, and the people protesting so far are peaceful.”

The camp has been named “Cuomoville”

Some protesters Monday were angry with the governor.

“Gov. Cuomo’s new name is Gov. 1 Percent because that’s who he chooses to represent – the more wealthy residents of New York state, those on Wall Street, his backers and supporters,” said Victorio Reyes, 37, a community organizer with the Social Justice Center of Albany who was making video reports from the park. “We’re not going to stand for it.”

Cuomo insists the temporary surcharge on incomes over $200,000 should expire Dec. 31, as planned when it was created under Gov. David Paterson to address a fiscal crisis. Cuomo and other opponents of the tax say it and a new proposal to tax earnings over $1 million would drive tax revenue and jobs out of state.

As anyone knows who has ever had to set up a military encampment or build a village from the ground up, occupations pose staggering logistical problems. Large numbers of people must be fed and kept reasonably warm and dry. Trash has to be removed; medical care and rudimentary security provided — to which ends a dozen or more committees may toil night and day. But for the individual occupier, one problem often overshadows everything else, including job loss, the destruction of the middle class, and the reign of the 1%. And that is the single question: Where am I going to pee?

Some of the Occupy Wall Street encampments now spreading across the U.S. have access to Port-o-Potties (Freedom Plaza in Washington, D.C.) or, better yet, restrooms with sinks and running water (Fort Wayne, Indiana). Others require their residents to forage on their own. At Zuccotti Park, just blocks from Wall Street, this means long waits for the restroom at a nearby Burger King or somewhat shorter ones at a Starbucks a block away. At McPherson Square in D.C., a twenty-something occupier showed me the pizza parlor where she can cop a pee during the hours it’s open, as well as the alley where she crouches late at night. Anyone with restroom-related issues — arising from age, pregnancy, prostate problems, or irritable bowel syndrome — should prepare to join the revolution in diapers.

Of course, political protesters do not face the challenges of urban camping alone. Homeless people confront the same issues every day: how to scrape together meals, keep warm at night by covering themselves with cardboard or tarp, and relieve themselves without committing a crime. Public restrooms are sparse in American cities — “as if the need to go to the bathroom does not exist,” travel expert Arthur Frommer once observed.  And yet to yield to bladder pressure is to risk arrest.

Cross posted from The Stars Hollow Gazette

Naomi Wolf, political activist and author of “Give Me Liberty,” calls attention to the enormous power that the federal government can wield to prevent constitutionally guaranteed rights. “History shows they start with the Other and it gets closer and closer and closer and someday they come for you.”

Occupy Wall Street NYC now has a web site for its General Assembly  with up dates and information. Very informative and user friendly. It has information about events, a bulletin board, groups and minutes of the GA meetings.

Mayor Bloomberg is planning Draconian new measures to crack down on what he calls the “disruption” caused by the protesters at Zuccotti Park, and he is citing neighbors’ complaints about noise and mess. This set of talking points, and this strategy, is being geared up as well by administrations of municipalities around the nation in response to the endurance and growing influence of the Occupation protest sites. But the idea that any administration has the unmediated option of “striking a balance,” in Bloomberg’s words, that it likes, and closing down peaceful and lawful disruption of business as usual as it sees fit is a grave misunderstanding — or, more likely, deliberate misrepresentation — of our legal social contract as American citizens.

Some kinds of disruption in a free republic are not “optional extras” if the First Amendment governs the land, as it does ours, and are certainly not subject to the whims of mayors or local police, or even DHS. Just as protesters don’t have a blanket right to do everything they want, there is absolutely no blanket right of mayors or even of other citizens to be free from the effect of certain kinds of disruption resulting from their fellow citizens exercising First Amendment rights. That notion, presented right now by Bloomberg and other vested interests, of a “disruption-free” social contract is pure invention — just like the flat-out fabrication of the nonexistent permit cited in my own detention outside the Huffington Post Game Changers event this last Tuesday, when police told me, without the event organizers’ knowledge and contrary to their intentions, that a private entity had “control of the sidewalks” for several hours. (In fact, the permit in question — a red carpet event permit! — actually guarantees citizens’ rights to walk and even engage in political assembly on the streets if they do not block pedestrian traffic, as the OWS protesters were not.)

Cross posted from The Stars Hollow Gazette

And it isn’t the first time.

The Franco-Belgian bank Dexia has become the first casualty of the 2011 banking crisis, with its Belgian arm being bought by the government and Belgium, France and Luxembourg providing a €90bn (£78bn) guarantee for its financing.

The bank, which specialises in local government financing and provides backing for more than 40 private finance initiative projects in the UK, ran into difficulties after its €3.4bn of exposure to Greece sparked concerns about its ability to absorb losses on the positions.

Other banks no longer wanted to lend it enough money to keep operating and it is expected to be the first of many to need bailing out during the renewed crisis in the sector. Alastair Ryan, analyst at UBS, reckoned eurozone governments could end up owning 40% of the sector if €200bn is needed to prop up banks – as estimated by the International Monetary Fund. Austrian bank Erste yesterday warned it would make a loss because of the eurozone crisis.

The embattled board of Dexia, which in 2008 received €6bn of assistance from France and Belgium, met on Sunday before it was announced on Monday that Belgium would pay €4bn for the operations in its country. Dexia shares resumed trading after last week’s suspension and fell almost 5%.

What Atrios said:

The CEO only earned a couple of million euros in each of the past couple of years. Worth every penny!

Repeating the same failed policies over and over expecting different results = Insanity